Due to exchange soon on a ground floor flat in Great Shelford. Conveyancing lawyers inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Great Shelford should include some of the following:

• How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
• Do you need to have carpet in the flat or are you allowed wood flooring?
• Are pets allowed in the flat?
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• Repair and maintenance of the flat
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Great Shelford. Conveyancing advisers have not yet been appointed. Will they explain the issues?

The majority of houses in Great Shelford are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Great Shelford in which case you should be looking for a Great Shelford conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of flats in Great Shelford which have about 50 years left on the lease term. should I be concerned?

There are plenty of short leases in Great Shelford. The lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

I work for a long established estate agency in Great Shelford where we see a few flat sales derailed due to short leases. I have been given contradictory information from local Great Shelford conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Can you provide any advice for leasehold conveyancing in Great Shelford from the point of view of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Great Shelford can be bypassed if you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
• If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Great Shelford leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such works. If you dont have the approvals to hand you should not contact the landlord without checking with your lawyer in the first instance.
• If there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
• If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Arranging a re-issued share certificate can be a time consuming formality and slows down many a Great Shelford conveyancing transaction. If a new share is required, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
• You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is below 75 years. It is therefore essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

Great Shelford Leasehold Conveyancing - Examples of Queries Prior to buying

This question is important as a) areas may cause problems for the building as the communal areas may start to deteriorate where services are not paid for b) if the leaseholders have a dispute with the managing agents you will wish to know about it